Real estate sector stays in limelight

02/04/2015 04:52 AST

Saudi Arabia’s benchmark Tadawul All-Share Index dug in at 8,812.35 and ended its Wednesday’s trading up nearly 33.46 points or 0.38 percent.

Despite a volatile movement, the TASI has gained more than five percent in first quarter of 2015. Insurance companies were on the top, appreciating by 50-to-75 percent in one quarter period.

Large cap remained prominent among market cap indices, posting a growth of 0.7 percent on Wednesday. Most of the major sector indices finished to the upside, accumulating an aggregate of 395 points.

Real Estate Development sector was major gainer, which marginally increased by 1.4 percent to close at 7,747.84. Al Jouf Cement grew two percent; the company volume went eight times high over its 50-day average, liquidating more than 22 million shares.

Most of heavyweights extended gains, with Jabal Omar Development outdid rest of its peers, advancing over two percent to SR 77.55. The bellwether SABIC (Saudi Basic Industries Corp.) rose one percent, closing at SR80.77.

Advancing stocks outnumbered decliners by a margin of 81 to 59 and the prices of 22 companies remained unchanged.

Arabia Insurance Cooperative Company turned in a splendid performance among all Saudi stocks, soaring up 9.97 percent to close the day at SR 18.75.

National Petrochemical Company was another significant advancer, surging by 7.77 percent. Most of the trading was concentrated in Dar Al-Arkan Real Estate, which liquidated about 45 million shares, a relative market share of 17.7 percent.

Alinma Bank with a turnover of SR 570 million appeared to be the most liquid stock but it ended without any change.

Market activity remained twenty percent low as compared to previous day. Roughly 254 million shares worth SR 6.4 billion were poured into the market.

The 50-day average for trading turnover is closer to 363 million shares worth SR9.4 billion.

GulfBase.com